With $2.2 Billion, Massachusetts Native Niraj Shah is Among the Wealthiest 400 People in the US

BOSTON–Wayfair Inc. co-founders Niraj Shah and Steven Conine can now count themselves among the wealthiest 400 people in the U.S., reported Boston Business Journal.

Citing a ranking published by Forbes on Wednesday, Boston Business Journal said that Shah and Conine made the annual Forbes 400 for the first time this year.

“Massachusetts is now home to at least 13 of the 400 billionaires on the list. That number includes Massachusetts residents as well as those with strong ties to Boston’s business community who may live elsewhere, such as Boston Bruins owner and Delaware North President Jeremy Jacobs Sr,” Boston Business Journal said. “Both Shah, Wayfair’s (Nasdaq: W) chief executive, and Conine, its chief technology officer, are valued at $2.2 billion.”

Wayfair CEO Niraj Shah

The duo’s wealth has risen this year as the Boston-based online retailer’s market capitalization has increased, Boston Business Journal said.

Last month, Wayfair overtook Akamai Technologies Inc. as the state’s most valuable Internet company. Its stock price has nearly doubled over the past year, to over $138 per share, according to Boston Business Journal.